The Indian healthcare industry is expected to register earnings of Rs.12,60,000 crore by 2020. The growth is at a much rapid pace than it was anticipated according to the Investment Commission of India (ICI).
The sector has experienced phenomenal growth of more than 12 per cent per annum in the last four years. The growth is expected to be driven by a number of factors which cover rising life expectancy, increasing income levels of Indian households, higher penetration of health insurance and growing incidence of lifestyle-related diseases in the country which has led to more spending on healthcare delivery, stated the ICI report.
Due to an increase in the number of government initiatives and the public private partnership that are visible in many states in the recent past, with 108 being accepted as the National Emergency Number, ICI views that would also bring better opportunities for nurses, paramedics, emergency medical technicians and emergency medicine specialized doctors across India.
The other allied business en-cashing the boom in the healthcare sector are hospitals/nursing homes registering revenues to the tune of Rs.54,000 crore, growing at 20 per cent.
In the case of Medical Equipment sector, the earnings registered is Rs.9,000 crore with a growth rate of 15 per cent. Clinical lab diagnostics has generated revenues of Rs.9,000 crore and growing at 30 per cent. The imaging diagnostics sector is valued at Rs.4,500 crore, growing at 30 per cent.
Other Services which include training & education and aesthetics & weight loss. Retail pharmacy have clocked Rs.9,000 crore, growing at 40 per cent. Health insurance has the potential to show top line growth. McKinsey-CII estimates the number of insurable lives at 315 million with a potential of garnering Rs.34,650 crore as health insurance premium by 2015.
The segment of medical tourism, educational services and leisure tourism which account for foreign currency revenues could add $6 billion to $50 billion and create 10-48 million jobs both direct and indirect employment by 2020.
The ICI health report was announced at the second edition of the Healthex 2011 which is an international exhibition on hospital, medical and surgical equipments, materials, supplies and allied services being held in association with Confederation of Indian Industry at the Bangalore International Exhibition Centre.
Healthcare delivery has two dimensions of accessibility and affordability. This opens of promising growth opportunities both for the central and state governments. Technology has improved the healthcare delivery but a growing major concern is the geriatric care. In India, healthcare sector has emerged as one of the most progressive and largest service industries. stated Dr E V Ramana Reddy, secretary to Government of Karnataka, Department of Health & Family Welfare.